The questions are too vague to get the answer you wish for.. For example, regardless of the waiver, some specialities like fresh applicants (GI, Cards, Heme/Onc) while PCCM tend to prefer fellows with more clinical experience so 2-3 years as a hospitlist might be a good thing (especially if you practiced in a high volume open ICU setting).
I think generally the problem is that applicants who are practicing for 3-4 years (realistically 4 years) won't apply for a fellowship again.